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Engie Australia CEO Alex Keisser says a bailout would be "very expensive" and suggests the focus should instead be on job opportunities for redundant staff.

"They would need, firstly, a lot of money and, secondly, we would need to act very quickly because we need $150 million just to do the work needed by July to keep the plant safe," he told ABC Radio National on Friday.

The Australian Industry Group chief executive Innes Willox called for "urgent action" to keep the station open after it was revealed Victoria could face energy shortages in the coming two years.

Greens energy spokesman Adam Bandt said calls by Mr Abbott and the Australian Industry Group were dangerous, foolish and created "false hope" for Latrobe Valley residents.

"What the people of Latrobe Valley need now is to be supported through this transition as part of a coherent national plan, which still doesn't exist."

Victorian Energy Minister Lily D'Ambrosio backed the prime minister, stating Hazelwood's closure was a commercial decision, with hundreds of millions of dollars required for the plant to stay open.